Did you receive a notice from Beth Israel? Did you receive a mail about a class action on the settlement to resolve claims about the Beth Israel 401(k) $2.9M lawsuit? This review will help you partake in the class action settlement after confirming the authenticity of the mail.
What Is Beth Israel 401(k) $2.9M Class Action Settlement?
Beth Israel Deaconess Medical Center agreed to pay $2.9 million to resolve claims that it mismanaged its employee 401(k) plan. The name of the case is Clark, et al. v. Beth Israel Deaconess Medical Center, et al., Case No. 1:22-cv-10068-DPW, in the U.S. District Court for the District of Massachusetts.
What Is This Class Action All About?
According to the class action lawsuit, Beth Israel breached its fiduciary duties under the Employee Retirement Income Security Act (ERISA) by investing in high-cost and poorly performing investments instead of better-performing alternatives. These actions allegedly caused plan participants to lose money.
Beth Israel Deaconess Medical Center is a hospital in Boston. The medical center is a Harvard Medical School Teaching Hospital.
Beth Israel hasn’t admitted any wrongdoing but agreed to a $2.9 million settlement to resolve the 401(k) class action lawsuit.
Under the terms of the settlement, class members will receive at least $10. Exact payment amounts will vary depending on each claimant’s year-end account balances during the class period. No payment estimates are available at this time.
Who Is Eligible?
The settlement benefits all current and former participants, beneficiaries and alternate payees of the Beth Israel Deaconess Medical Center 401(k) Savings and Investment Plan and the Beth Israel Deaconess Medical Center Voluntary 403(b) Plan from Jan. 18, 2016, to May 5, 2023.
How To Be Part of This Settlement
For class member to partake in this settlement, current participants, beneficiaries and alternate payees do not have to submit a claim with the settlement if they have an active plan account.
Former participants, beneficiaries and alternative payees must submit a valid claim form by Sept. 5, 2023, if they want to receive a settlement payment. The deadline for exclusion and objection is Aug. 23, 2023.
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What Is The Pay For This Settlement?
The pay for this settlement varies and the proof of purchase is not necessary.
Conclusion
As you submit your claim to the settlement website StrategicClaims.net/BethIsreal401k, just like the Udemy class action settlement we have reviewed, you’re doing so under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. The final approval hearing for the settlement is scheduled for Sept. 22, 2023.
